Once a humdrum contract manufacturer of commodity electronics, Samsung has aggressively moved into flat panel TV monitors, DVD players and mobile phones. It is now taking branding more seriously. In many instances, its goods have more features than comparable models from competitors. This enables it to charge a premium.
Even in a year of remarkable recovery for Asia in 1999, some of the region's leading companies were foundering because of old habits. That was not the case with Samsung Electronics. Its CEO, Yun Jong Yong reinvented a company that seemed near death. For this exemplary performance he won accolades from Fortune as Asia's Businessman of the year 2000. He won the award because of a penchant for risk, a clear vision for the future, a feel for new technology and skill in leading people. He also won praise from Jack Welch, the ex-Chairman of General Electric.
Samsung Electronics is a global leader in semiconductor, telecommunication and digital convergence technology. It employs approximately around 64,000 people in 89 offices in 47 countries. It manufactures in 14 countries, including China and Mexico and generates 70% of its revenues outside Korea. The company is the world's largest producer of memory chips (semiconductors), TFTLCDs, CDMA mobile phones, monitors and VCRs. It consists of four main business units: Digital Media Network, Device Solution Network, Telecommunications Network and Digital Appliance Network business. Today, Samsung Electronics has succeeded in securing the largest global market share for 13 of its products. The company intends to add Digital TVs, IMT 2000 and printers to its list of products, which had already become global market leaders.
Samsung Electronics started out in 1969 making cheap 12-inch, black and white Televisions under the Sanyo Label. In 1988, the Seoul Olympics helped spotlight the country's economic and technological ambitions. For decades, Samsung Electronics was known for churning out cheaper alternatives to electronic goods from Japan, in the process becoming the world's largest maker of memory chips. By 1992, Samsung Electronics ranked No. 1 in DRAMs in terms of market share and revenues. |
